People who do not have a lot of cash typically dream about what they would do if they suddenly got a windfall. They believe about how they would invest the cash, that is and not about how they would handle it. There is a factor the old concern is “What would you purchase if you won the lotto,” and not, “How would you manage your money if you won the lotto?”
This develops an issue for individuals who want to leave large inheritances to household members who are not already individually wealthy.
When you plan to offer an inheritance to somebody, you usually ponder that he or she will probably spend some of that cash to buy things. If you offer somebody a big swelling amount, you have no way to prevent that person from investing it all as quickly as possible.
There are methods that you can prevent your loved ones from wasting their inheritances. This produces a bigger inheritance than the giving the exact same quantity as a swelling sum would.
Ask a knowledgeable estate planning lawyer about setting up a Trust to leave an inheritance for your relatives.